The firm had been at the centre of the US bad mortgage debt crisis which last summer sparked the global credit shortage, and there had been growing speculation that it was struggling to fund its daily business.

Three days later JP Morgan Chase turned its rescue of Bear Stearns into a takeover bid, initially offering just $2 (£1) a share.

At the start of this week, JP Morgan Chase increased its offer to $10 a share, following criticism that its initial bid was too low.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.